Artificial Intelligence or AI is a technological system, designed with a set of domains including solution research, reasoning, knowledge representation, machine learning to mimic the human intelligence. AI is usually used in the healthcare industry for drug-discovery. It has the ability to recognize the drug targets, and play an important role in drug design, identification, discovery, and screening of molecules instantly & effectively.
As per analysis, “Global Artificial Intelligence (AI) in Drug Discovery Market 2020-2026 by Offering, Technology, Drug Type, Therapeutic Area, Application, End User, and Region: Trend Forecast and Growth Opportunity” the key companies operating in the global Artificial Intelligence (AI) in drug discovery market include Cloud Pharmaceuticals, Inc., IBM Corporation, Numedii, Inc., Atomwise, Inc., Deep Genomics, Insilico Medicine, Numerate, Berg LLC, Twoxar, Incorporated, BIOAGE, Exscientia, Microsoft Corporation, Xtalpi, Inc., Cyclica, BenevolentAI, NVIDIA Corporation, Exscientia, Owkin, Inc., Verge Genomics and among others. Leading companies operating in the market are adopting strategic collaborations to research & discover drugs using AI and are gaining considerable popularity in the AI in drug discovery market.
By offering, AI in drug discovery market is categorized into software offering and service offerings. Software segment dominates the global market owing to rise in demand for software among the big pharma & biotech companies and research institutes. By technology, market is categorized into reinforcement learning, supervised learning, unsupervised learning, deep learning and other technologies. By drug type, market is categorized into small-molecular drugs and large molecule drugs. By therapeutic area, market is categorized into cardiovascular diseases, neurodegenerative diseases, metabolic diseases, oncology and other therapeutic areas. Neurodegenerative diseases segment is expected to witness higher growth rate due to increase in focus of the leading players on offering AI-based platforms for neurological disease during the forecast period. By application, market is categorized into drug design, information & data analysis, clinical trials, drug evaluation and others. In addition, by end-user, market is bifurcated into academic & research institutes, pharmaceutical & biotechnology corporations and contract research organizations.
The AI in drug discovery market is driven by rise in need to control drug discovery & development costs & reduce time, followed by increase in requirements to reduce the duration of drug development, growth in number of cross-industry collaborations & partnerships and increase in number of start-ups operating in the AI spectrum for healthcare including drug discovery. However, lack of adequate infrastructure in low economic countries and high cost of AI integration may impact the market. Moreover, growth in biotechnology industry is a key opportunity for market.
By geographic analysis, the North-American region holds major share in global AI in drug discovery market owing to presence of a large number of market players and growth in adoption of artificial intelligence across the region. The Asian-Pacific and European regions are estimated to witness higher growth rate due to growth in adoption of new technology in China and India for new drug development coupled with rise in focus towards boosting pharmaceutical capacities within the countries over the forecast period. It is predicted that future of the global AI in drug discovery market will be bright as a result of rise in awareness of AI in drug discovery among the key players during the forecast period.
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Ankur Gupta, Head Marketing & Communications